The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFLAC INC COM 001055102 5,412 75,000 SH Put OTR 35 0 0 75,000
ALLSTATE CORP COM 020002101 5,246 75,000 SH Put OTR 35 0 0 75,000
AMERICAN EXPRESS CO COM 025816109 13,671 225,000 SH Put OTR 35 0 0 225,000
AMERIS BANCORP COM 03076K108 12,474 420,004 SH   OTR 35 0 0 420,004
ASB BANCORP INC N C COM 00213T109 833 33,956 SH   OTR 34 0 0 33,956
ASB BANCORP INC N C COM 00213T109 2,596 105,823 SH   OTR 35 0 0 105,823
ASTORIA FINL CORP COM 046265104 11,114 725,000 SH   OTR 35 0 0 725,000
ATLANTIC CAP BANCSHARES INC COM 048269203 327 22,603 SH   OTR 34 0 0 22,603
ATLANTIC CAP BANCSHARES INC COM 048269203 15,180 1,049,788 SH   OTR 35 0 0 1,049,788
ATLANTIC COAST FINL CORP COM 048426100 3,223 538,908 SH   OTR 35 0 0 538,908
ATLANTIC COAST FINL CORP COM 048426100 946 158,121 SH   OTR 34 0 0 158,121
AVENUE FINL HLDGS INC COM 05358K102 3,930 200,000 SH   OTR 35 0 0 200,000
BANK AMER CORP COM 060505104 13,278 1,000,600 SH   OTR 35 0 0 1,000,600
BANK NEW YORK MELLON CORP COM 064058100 20,397 525,000 SH Put OTR 35 0 0 525,000
BANKUNITED INC COM 06652k103 7,680 250,000 SH   OTR 35 0 0 250,000
BB&T CORP COM 054937107 16,025 450,000 SH Put OTR 35 0 0 450,000
BNC BANCORP COM 05566T101 27,779 1,223,201 SH   OTR 35 0 0 1,223,201
BNC BANCORP COM 05566T101 1,689 74,363 SH   OTR 34 0 0 74,363
BOSTON PRIVATE FINL HLDGS IN COM 101119105 226 19,168 SH   OTR 34 0 0 19,168
BOSTON PRIVATE FINL HLDGS IN COM 101119105 11,036 936,860 SH   OTR 35 0 0 936,860
BSB BANCORP INC MD COM 05573H108 418 18,474 SH   OTR 34 0 0 18,474
CAI INTERNATIONAL INC COM 12477x106 850 113,350 SH   OTR 35 0 0 113,350
CAMDEN NATL CORP COM 133034108 3,360 80,000 SH   OTR 35 0 0 80,000
CAROLINA FINL CORP NEW COM 143873107 232 12,394 SH   OTR 34 0 0 12,394
CAROLINA FINL CORP NEW COM 143873107 1,660 88,845 SH   OTR 35 0 0 88,845
CITIGROUP INC COM NEW 172967424 8,478 200,000 SH   OTR 35 0 0 200,000
CITIZENS FINL GROUP INC COM 174610105 9,990 500,000 SH   OTR 35 0 0 500,000
CITIZENS FINL GROUP INC COM 174610105 2,997 150,000 SH Call OTR 35 0 0 150,000
COBIZ FINANCIAL INC COM 190897108 1,170 100,000 SH   OTR 35 0 0 100,000
COMERICA INC COM 200340107 3,085 75,000 SH Put OTR 35 0 0 75,000
COMMUNITY HEALTHCARE TR INC COM 20369C106 8,422 398,388 SH   OTR 35 0 0 398,388
CONNECTONE BANCORP INC NEW COM 20786w107 6,023 383,890 SH   OTR 35 0 0 383,890
COWEN GROUP INC NEW CL A 223622101 11,143 3,764,469 SH   OTR 35 0 0 3,764,469
DISCOVER FINL SVCS COM 254709108 6,431 120,000 SH   OTR 35 0 0 120,000
E TRADE FINANCIAL CORP COM NEW 269246401 4,698 200,000 SH   OTR 35 0 0 200,000
EQUITY BANCSHARES INC COM CL A 29460x109 353 15,945 SH   OTR 34 0 0 15,945
EQUITY BANCSHARES INC COM CL A 29460x109 5,950 268,747 SH   OTR 35 0 0 268,747
EVANS BANCORP INC COM NEW 29911Q208 1,060 43,004 SH   OTR 35 0 0 43,004
FIDELITY SOUTHERN CORP NEW COM 316394105 5,196 331,614 SH   OTR 35 0 0 331,614
FIFTH THIRD BANCORP COM 316773100 1,759 100,000 SH   OTR 35 0 0 100,000
FIRST BANCORP N C COM 318910106 2,800 159,250 SH   OTR 35 0 0 159,250
FIRST BANCSHARES INC MS COM 318916103 800 46,324 SH   OTR 34 0 0 46,324
FIRST BANCSHARES INC MS COM 318916103 5,733 331,945 SH   OTR 35 0 0 331,945
FIRST CMNTY CORP S C COM 319835104 678 48,442 SH   OTR 34 0 0 48,442
FIRST CMNTY CORP S C COM 319835104 2,359 168,631 SH   OTR 35 0 0 168,631
FIRST CONN BANCORP INC MD COM 319850103 2,408 145,411 SH   OTR 35 0 0 145,411
FIRST FNDTN INC COM 32026V104 377 17,516 SH   OTR 34 0 0 17,516
FIRST FNDTN INC COM 32026V104 10,979 510,628 SH   OTR 35 0 0 510,628
FIRST HORIZON NATL CORP COM 320517105 3,445 250,000 SH   OTR 35 0 0 250,000
GUARANTY BANCORP DEL COM NEW 40075t607 1,600 95,800 SH   OTR 35 0 0 95,800
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 400 223,644 SH   OTR 34 0 0 223,644
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 2,896 1,617,817 SH   OTR 35 0 0 1,617,817
HERITAGE OAKS BANCORP COM 42724R107 413 51,981 SH   OTR 34 0 0 51,981
HOME BANCSHARES INC COM 436893200 1,979 100,000 SH   OTR 35 0 0 100,000
HOMESTREET INC COM 43785v102 447 22,420 SH   OTR 35 0 0 22,420
HOMETRUST BANCSHARES INC COM 437872104 9,890 534,589 SH   OTR 35 0 0 534,589
HOMETRUST BANCSHARES INC COM 437872104 684 36,954 SH   OTR 34 0 0 36,954
HOULIHAN LOKEY INC CL A 441593100 4,248 189,895 SH   OTR 35 0 0 189,895
INVESCO LTD SHS g491bt108 3,831 150,000 SH Call OTR 35 0 0 150,000
ISHARES TR RUSSELL 2000 ETF 464287655 94,856 825,000 SH Put OTR 35 0 0 825,000
JPMORGAN CHASE & CO COM 46625H100 27,961 450,000 SH Put OTR 35 0 0 450,000
KEYCORP NEW COM 493267108 11,602 1,050,000 SH   OTR 35 0 0 1,050,000
LAZARD LTD SHS A g54050102 2,978 100,000 SH   OTR 35 0 0 100,000
LIVE OAK BANCSHARES INC COM 53803x105 6,873 487,110 SH   OTR 35 0 0 487,110
M & T BK CORP *W EXP 12/23/201 55261F112 3,474 80,000 SH   OTR 35 0 0 80,000
MANNING & NAPIER INC CL A 56382q102 4,774 502,537 SH   OTR 35 0 0 502,537
MORGAN STANLEY COM NEW 617446448 5,305 204,200 SH   OTR 35 0 0 204,200
NASDAQ INC COM 631103108 4,850 75,000 SH Put OTR 35 0 0 75,000
NATIONAL HOLDINGS CORP COM NEW 636375206 454 151,304 SH   OTR 35 0 0 151,304
NBT BANCORP INC COM 628778102 2,338 81,670 SH   OTR 35 0 0 81,670
NEW YORK CMNTY BANCORP INC COM 649445103 12,741 850,000 SH   OTR 35 0 0 850,000
NEWTEK BUSINESS SVCS CORP COM NEW 652526203 636 50,004 SH   OTR 35 0 0 50,004
NORTHERN TR CORP COM 665859104 4,969 75,000 SH Put OTR 35 0 0 75,000
OCEANFIRST FINL CORP COM 675234108 4,362 240,060 SH   OTR 35 0 0 240,060
OLD LINE BANCSHARES INC COM 67984m100 4,126 229,211 SH   OTR 35 0 0 229,211
OLD SECOND BANCORP INC ILL COM 680277100 1,764 258,288 SH   OTR 35 0 0 258,288
OPUS BK IRVINE CALIF COM 684000102 14,376 425,320 SH   OTR 35 0 0 425,320
PARAGON COML CORP COM NEW 69911U403 257 7,350 SH   OTR 34 0 0 7,350
PARAGON COML CORP COM NEW 69911U403 1,287 36,760 SH   OTR 35 0 0 36,760
PARK STERLING CORP COM 70086Y105 264 37,240 SH   OTR 34 0 0 37,240
PARK STERLING CORP COM 70086Y105 6,552 924,070 SH   OTR 35 0 0 924,070
PEOPLES BANCORP INC COM 709789101 1,329 60,990 SH   OTR 35 0 0 60,990
PERFORMANT FINL CORP COM 71377E105 945 583,418 SH   OTR 35 0 0 583,418
REGIONS FINL CORP NEW COM 7591ep100 1,702 200,000 SH   OTR 35 0 0 200,000
RENASANT CORP COM 75970E107 1,616 50,000 SH   OTR 35 0 0 50,000
SARATOGA INVT CORP COM NEW 80349a208 942 55,753 SH   OTR 35 0 0 55,753
SCHWAB CHARLES CORP NEW COM 808513105 5,694 225,000 SH Put OTR 35 0 0 225,000
SEACOAST BKG CORP FLA COM NEW 811707801 296 18,207 SH   OTR 34 0 0 18,207
SEACOAST BKG CORP FLA COM NEW 811707801 6,906 425,240 SH   OTR 35 0 0 425,240
SELECT BANCORP INC NEW COM 81617L108 319 39,447 SH   OTR 34 0 0 39,447
SELECT BANCORP INC NEW COM 81617L108 1,348 166,805 SH   OTR 35 0 0 166,805
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 47,993 2,100,000 SH Put OTR 35 0 0 2,100,000
SHORE BANCSHARES INC COM 825107105 751 63,916 SH   OTR 34 0 0 63,916
SHORE BANCSHARES INC COM 825107105 4,247 361,481 SH   OTR 35 0 0 361,481
SILVERCREST ASSET MGMT GROUP CL A 828359109 7,353 600,761 SH   OTR 35 0 0 600,761
SOUTHERN FIRST BANCSHARES IN COM 842873101 842 34,940 SH   OTR 34 0 0 34,940
SOUTHERN FIRST BANCSHARES IN COM 842873101 6,188 256,782 SH   OTR 35 0 0 256,782
SOUTHERN NATL BANCORP OF VA COM 843395104 4,849 399,080 SH   OTR 35 0 0 399,080
SOUTHERN NATL BANCORP OF VA COM 843395104 887 73,023 SH   OTR 34 0 0 73,023
SPDR S&P 500 ETF TR TR UNIT 78462f103 78,553 375,000 SH Put OTR 35 0 0 375,000
SPDR SERIES TRUST S&P BK ETF 78464A797 11,430 375,000 SH Put OTR 35 0 0 375,000
SPDR SERIES TRUST S&P REGL BKG 78464a698 54,720 1,425,000 SH Put OTR 35 0 0 1,425,000
STATE BK FINL CORP COM 856190103 234 11,506 SH   OTR 34 0 0 11,506
STATE BK FINL CORP COM 856190103 8,850 434,888 SH   OTR 35 0 0 434,888
STATE STR CORP COM 857477103 4,044 75,000 SH Put OTR 35 0 0 75,000
STIFEL FINL CORP COM 860630102 3,145 100,000 SH   OTR 35 0 0 100,000
SUN BANCORP INC COM NEW 86663b201 875 42,338 SH   OTR 35 0 0 42,338
SUNTRUST BKS INC COM 867914103 8,216 200,000 SH   OTR 35 0 0 200,000
SYNCHRONY FINL COM 87165B103 14,536 575,000 SH   OTR 35 0 0 575,000
SYNOVUS FINL CORP COM NEW 87161C501 9,422 325,000 SH   OTR 35 0 0 325,000
TAL INTL GROUP INC COM 874083108 1,341 100,000 SH   OTR 35 0 0 100,000
TD AMERITRADE HLDG CORP COM 87236Y108 2,136 75,000 SH Put OTR 35 0 0 75,000
TRIUMPH BANCORP INC COM 89679E300 902 56,385 SH   OTR 34 0 0 56,385
TRIUMPH BANCORP INC COM 89679E300 13,550 846,899 SH   OTR 35 0 0 846,899
UNION BANKSHARES CORP NEW COM 90539j109 1,853 75,000 SH   OTR 35 0 0 75,000
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 3,603 196,971 SH   OTR 35 0 0 196,971
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 175 9,580 SH   OTR 34 0 0 9,580
UNITED FINL BANCORP INC NEW COM 910304104 12,336 950,383 SH   OTR 35 0 0 950,383
UNITY BANCORP INC COM 913290102 1,017 80,000 SH   OTR 34 0 0 80,000
UNIVEST CORP PA COM 915271100 946 45,000 SH   OTR 35 0 0 45,000
US BANCORP DEL COM NEW 902973304 12,099 300,000 SH Put OTR 35 0 0 300,000
VERITEX HLDGS INC COM 923451108 2,629 164,110 SH   OTR 35 0 0 164,110
VOYA FINL INC COM 929089100 1,857 75,000 SH   OTR 35 0 0 75,000
WASHINGTONFIRST BANKSHARES I COM 940730104 411 19,023 SH   OTR 34 0 0 19,023
WASHINGTONFIRST BANKSHARES I COM 940730104 2,078 96,150 SH   OTR 35 0 0 96,150
WEBSTER FINL CORP CONN COM 947890109 3,395 100,000 SH   OTR 35 0 0 100,000
WELLS FARGO & CO NEW COM 949746101 14,199 300,000 SH Put OTR 35 0 0 300,000
WESTERN ALLIANCE BANCORP COM 957638109 11,427 350,000 SH   OTR 35 0 0 350,000
XL GROUP PLC SHS G98290102 3,331 100,000 SH   OTR 35 0 0 100,000
YADKIN FINL CORP COM 984305102 1,466 58,413 SH   OTR 34 0 0 58,413
YADKIN FINL CORP COM 984305102 53,949 2,150,224 SH   OTR 35 0 0 2,150,224
ZIONS BANCORPORATION COM 989701107 7,539 300,000 SH Put OTR 35 0 0 300,000